I and one other have started a project called Chronicle of Magic and I believe it is on the track to being a nice, complete game since many of the fundamental assets have already been done.
Chronicle of Magic is a vibrant Adventure game with RPG elements and Action/Shooter/Bullet-Hell style gameplay.
You will constantly learn new and powerful spells as you level up and will face ENORMOUS mobs of deadly enemies as you progress.
Think Serious Sam gameplay except in a 16-bit style fantasy world. You play as a young mage and will be thrust out into the world to traverse an entire continent completing main story quests, side quests, and other diversions such as the planned arena.
Quests and side quests will all chain together across the world map as you progress in your journey and everything that you complete will always be re-playable to keep strengthening your character as you see fit. But don't worry, there will be no forced grind.
As previously said, progress is steady right now and should stay that way. The game is becoming quite playable so there should be some videos and a playable demonstration available soon.
There may also be a small kickstarter up soon as we're looking at about $1,000 in costs to publish and port it further.